Ever consider you may be looking at this the wrong way?
Neither SYA or PLL pays 75% or 25% of costs. SYQ pays 100% of costs and receives 100% of revenue. SYQ makes a "capital call" on its JV partners. Let say it needs $100M ... SYA will pay its proportional equity share of $75M and PLL will pay $25M
In the update it was clearly noted that "NAL has substantially progressed capital improvement projects, " ... so NAL needs cash from SYQ and SYQ gets its cash from SYA and PLL.
So it is not at all surprising to see SYA cash go down as you'll most likely see this spend showing up in "Cash (used) in Investing Activities".
Just a thought. Take it or leave it.
Ann: First Lithium Shipment Boosts NAL Revenues, page-120
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